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Q2 FY26 Apr 1 – Jun 30, 2026
Revenue$119.80B
+24% year over year
Gross profit$73.85B
62% margin
Operating profit$40.77B
34% margin
Net profit$112.19B
94% margin
Net profit is larger than what operations earned, because the statement adds $97.98B below it, under Other income, net.
The numbers behind the diagram
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 119.80 | 100% | +24% |
| Google search & other | 63.27 | 53% | |
| Google cloud | 24.77 | 21% | +82% |
| Google subscriptions | 12.91 | 11% | +15% |
| YouTube ads | 11.06 | 9% | +13% |
| Google network | 7.30 | 6% | −1% |
| Other bets | 0.38 | 0% | +2% |
| Other and unallocated | 0.11 | 0% | |
| Cost of revenue | −45.94 | 38% | |
| Gross profit | 73.85 | 62% margin | +2pp |
| R&D | −18.22 | 15% | +1pp |
| Sales & marketing | −8.40 | 7% | +0pp |
| G&A | −6.46 | 6% | +0pp |
| Operating profit | 40.77 | 34% margin | +2pp |
| Other income, net | 97.98 | ||
| Tax | −26.56 | ||
| Net profit | 112.19 | 94% margin | +64pp |
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 109.90 | 100% | +22% |
| Google search & other | 60.40 | 55% | +19% |
| Google cloud | 20.03 | 18% | +63% |
| Google subscriptions | 12.38 | 11% | +19% |
| YouTube ads | 9.88 | 9% | +11% |
| Google network | 6.97 | 6% | −4% |
| Other bets | 0.41 | 1% | −9% |
| Other and unallocated | −0.18 | 0% | |
| Cost of revenue | −41.27 | 38% | |
| Gross profit | 68.63 | 62% margin | +3pp |
| R&D | −17.03 | 15% | +0pp |
| Sales & marketing | −7.61 | 7% | +0pp |
| G&A | −4.29 | 4% | +0pp |
| Operating profit | 39.70 | 36% margin | +2pp |
| Other income, net | 37.72 | ||
| Tax | −14.83 | ||
| Net profit | 62.58 | 57% margin | +19pp |
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 113.8 | 100% | +18% |
| Cost of revenue | −45.8 | 40% | |
| Gross profit | 68.1 | 60% margin | +2pp |
| R&D | −18.6 | 16% | +3pp |
| Sales & marketing | −8.2 | 7% | +0pp |
| G&A | −5.3 | 5% | +0pp |
| Operating profit | 35.9 | 32% margin | −1pp |
| Other income, net | 3.2 | ||
| Tax | −4.7 | ||
| Net profit | 34.5 | 30% margin | +3pp |
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 102.35 | 100% | +16% |
| Google search & other | 56.57 | 55% | +15% |
| Google cloud | 15.16 | 15% | +34% |
| Google subscriptions | 12.87 | 13% | +21% |
| YouTube ads | 10.26 | 10% | +15% |
| Google network | 7.35 | 7% | −3% |
| Other bets | 0.34 | 0% | −11% |
| Other and unallocated | −0.21 | 0% | |
| Cost of revenue | −41.37 | 40% | |
| Gross profit | 60.98 | 60% margin | +1pp |
| R&D | −15.15 | 15% | +1pp |
| Sales & marketing | −7.21 | 7% | −1pp |
| G&A | −7.39 | 7% | +3pp |
| Operating profit | 31.23 | 31% margin | −2pp |
| Other income, net | 12.76 | ||
| Tax | −9.01 | ||
| Net profit | 34.98 | 34% margin | +4pp |
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 96.43 | 100% | +14% |
| Google search & other | 54.19 | 56% | |
| Google cloud | 13.62 | 14% | |
| Google subscriptions | 11.20 | 12% | |
| YouTube ads | 9.80 | 10% | |
| Google network | 7.35 | 8% | |
| Other bets | 0.37 | 0% | |
| Other and unallocated | −0.11 | 0% | |
| Cost of revenue | −39.04 | 40% | |
| Gross profit | 57.39 | 60% margin | +1pp |
| R&D | −13.81 | 14% | +0pp |
| Sales & marketing | −7.10 | 7% | −1pp |
| G&A | −5.21 | 6% | +2pp |
| Operating profit | 31.27 | 32% margin | +0pp |
| Other income, net | 2.66 | ||
| Tax | −5.74 | ||
| Net profit | 28.20 | 29% margin | +1pp |
Financial health
The balance sheet, the quarter's capital flow, the debt schedule and the capital structure of the quarter shown above.
Assets $921.98B Liabilities $281.50B Equity $640.48B as of Jun 30, 2026
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Assets | $921.98B | 100% |
| Cash | $55.91B | 6% |
| Short-term investments | $186.56B | 20% |
| Receivables | $69.18B | 8% |
| Inventory | $9.99B | 1% |
| Other current assets | $21.88B | 2% |
| Property & equipment | $321.21B | 35% |
| Lease right-of-use | $17.69B | 2% |
| Goodwill | $57.83B | 6% |
| Intangibles | $9.11B | 1% |
| Indefinite-lived intangibles | $0.21B | 0% |
| Deferred tax assets | $1.45B | 0% |
| Other assets | $170.96B | 19% |
| Liabilities | $281.50B | 31% |
| Payables | $20.26B | 2% |
| Accrued liabilities | $73.01B | 8% |
| Deferred revenue | $7.15B | 1% |
| Short-term debt | $2.00B | 0% |
| Other current liabilities | $28.17B | 3% |
| Long-term debt | $98.17B | 11% |
| Lease liabilities | $14.59B | 2% |
| Deferred tax | $22.82B | 2% |
| Other liabilities | $15.33B | 2% |
| Equity | $640.48B | 69% |
| Stockholders' equity | $640.48B | 69% |
Money moved $100.31B Free cash flow −$5.86B Apr 1 – Jun 30, 2026 Quarter derived from year-to-date statements.
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Where the money came from | $100.31B | 100% |
| Operating cash flow | $39.07B | 39% |
| Debt raised | $24.85B | 25% |
| Other financing | $36.40B | 36% |
| Where it went | −$100.31B | 100% |
| Capital expenditure | −$44.92B | 45% |
| Investments bought, net | −$16.74B | 17% |
| Other investing | −$20.77B | 21% |
| Currency effect | −$0.03B | 0% |
| Added to cash | −$17.85B | 18% |
Total debt $100.2B Cash & short-term investments $242.5B Net cash $142.3B Operating cash flow, last 4 quarters $185.7B Interest expense, last 4 quarters $2.3B
The numbers behind the diagram
| Due | Value |
|---|---|
| 2026 | $2.0B |
| 2027 | $1.0B |
| 2028 | $2.7B |
| 2029 | $1.8B |
| 2030 | $5.5B |
| after 2030 | $36.1B |
| Due | Item | Coupon | Value |
|---|---|---|---|
| 2020 | Notes | 0.8% | $9.0B |
| 2028 | USD notes floating rate | $0.5B | |
| – | 2025 USD notes | 4.89% | $22.5B |
| – | 2025 USD notes | 3.88% | $22.5B |
| – | 2025 USD fixed rate notes | $17.0B | |
| – | 2025 euro notes | 2.38% | $15.6B |
| – | 2025 euro notes | 3.44% | $13.3B |
| – | 2016 notes | 2% | $2.0B |
| – | 2025 USD floating rate notes | $0.5B |
Debt to equity 0.16× Net cash $142.3B Interest coverage 65.55× Return on invested capital 30.4% Cost of debt, after tax 2.9% Book values as of Jun 30, 2026.
The numbers behind the diagram
| Item | Value | How it is computed |
|---|---|---|
| Total debt short-term and long-term borrowings, as on the debt tab | $100.2B | short-term and long-term borrowings, as on the debt tab |
| Equity, book value stockholders' equity incl. minority interests, as on the balance sheet | $640.5B | stockholders' equity incl. minority interests, as on the balance sheet |
| Total capital total debt + equity | $740.6B | total debt + equity |
| Debt share total debt / total capital | 14% | total debt / total capital |
| Equity share equity / total capital | 86% | equity / total capital |
| Net cash total debt − cash and short-term investments | $142.3B | total debt − cash and short-term investments |
| EBIT, last 4 quarters operating income, four quarters summed | $147.6B | operating income, four quarters summed |
| Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed | $25.2B | from the cash flow statement, four quarters summed |
| EBITDA, last 4 quarters EBIT + depreciation & amortisation | $172.9B | EBIT + depreciation & amortisation |
| Interest expense, last 4 quarters four quarters summed | $2.3B | four quarters summed |
| Debt to equity total debt / equity | 0.16× | total debt / equity |
| Net debt to EBITDA net debt / EBITDA | –net cash $142.3B | net debt / EBITDA |
| Interest coverage EBIT / interest expense | 65.55× | EBIT / interest expense |
| Effective tax rate income tax / pretax income, kept within 0 to 50% | 18.4% | income tax / pretax income, kept within 0 to 50% |
| NOPAT, last 4 quarters EBIT × (1 − effective tax rate) | $120.5B | EBIT × (1 − effective tax rate) |
| Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2025) | $396.8B | total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2025) |
| Return on invested capital NOPAT / average invested capital | 30.4% | NOPAT / average invested capital |
| Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate | 3.5% | interest / average total debt: the average coupon of the debt on the books, not today's market rate |
| Cost of debt, after tax cost of debt before tax × (1 − effective tax rate) | 2.9% | cost of debt before tax × (1 − effective tax rate) |
| Cost of equity risk-free rate + beta × equity risk premium | –needs market data | risk-free rate + beta × equity risk premium |
| Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value | –needs market data | cost of equity and after-tax cost of debt, weighted by market value |
| Value creation spread ROIC − WACC | –needs market data | ROIC − WACC |
Assets $703.92B Liabilities $225.17B Equity $478.75B as of Mar 31, 2026
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Assets | $703.92B | 100% |
| Cash | $38.06B | 5% |
| Short-term investments | $88.78B | 13% |
| Receivables | $63.00B | 9% |
| Other current assets | $23.91B | 3% |
| Property & equipment | $281.02B | 40% |
| Lease right-of-use | $15.51B | 2% |
| Goodwill | $57.77B | 8% |
| Intangibles | $9.44B | 1% |
| Indefinite-lived intangibles | $0.20B | 0% |
| Deferred tax assets | $2.00B | 0% |
| Other assets | $124.23B | 18% |
| Liabilities | $225.17B | 32% |
| Payables | $16.85B | 2% |
| Accrued liabilities | $63.02B | 9% |
| Deferred revenue | $7.16B | 1% |
| Short-term debt | $2.00B | 0% |
| Other current liabilities | $25.09B | 4% |
| Long-term debt | $77.50B | 11% |
| Lease liabilities | $12.98B | 2% |
| Other liabilities | $20.56B | 3% |
| Equity | $478.75B | 68% |
| Stockholders' equity | $478.75B | 68% |
Money moved $84.13B Free cash flow $10.12B Jan 1 – Mar 31, 2026
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Where the money came from | $84.13B | 100% |
| Operating cash flow | $45.79B | 54% |
| Investments sold, net | $6.96B | 8% |
| Debt raised | $31.38B | 37% |
| Where it went | −$84.13B | 100% |
| Capital expenditure | −$35.67B | 42% |
| Other investing | −$34.68B | 41% |
| Dividends | −$2.54B | 3% |
| Other financing | −$3.76B | 4% |
| Currency effect | −$0.12B | 0% |
| Added to cash | −$7.36B | 9% |
Total debt $79.5B Cash & short-term investments $126.8B Net cash $47.3B Operating cash flow, last 4 quarters $174.4B Interest expense, last 4 quarters $1.2B
The numbers behind the diagram
| Due | Value |
|---|---|
| 2026 | $2.0B |
| 2027 | $1.0B |
| 2028 | $2.7B |
| 2029 | $1.8B |
| 2030 | $5.5B |
| after 2030 | $36.1B |
| Due | Item | Coupon | Value |
|---|---|---|---|
| 2020 | Notes | 0.8% | $9.0B |
| 2028 | USD notes floating rate | $0.5B | |
| – | 2025 USD notes | 4.89% | $22.5B |
| – | 2025 USD notes | 3.88% | $22.5B |
| – | 2025 USD fixed rate notes | $17.0B | |
| – | 2025 euro notes | 2.38% | $15.6B |
| – | 2025 euro notes | 3.44% | $13.3B |
| – | 2016 notes | 2% | $2.0B |
| – | 2025 USD floating rate notes | $0.5B |
Debt to equity 0.17× Net cash $47.3B Interest coverage 111.85× Return on invested capital 32.7% Cost of debt, after tax 2.2% Book values as of Mar 31, 2026.
The numbers behind the diagram
| Item | Value | How it is computed |
|---|---|---|
| Total debt short-term and long-term borrowings, as on the debt tab | $79.5B | short-term and long-term borrowings, as on the debt tab |
| Equity, book value stockholders' equity incl. minority interests, as on the balance sheet | $478.7B | stockholders' equity incl. minority interests, as on the balance sheet |
| Total capital total debt + equity | $558.2B | total debt + equity |
| Debt share total debt / total capital | 14% | total debt / total capital |
| Equity share equity / total capital | 86% | equity / total capital |
| Net cash total debt − cash and short-term investments | $47.3B | total debt − cash and short-term investments |
| EBIT, last 4 quarters operating income, four quarters summed | $138.1B | operating income, four quarters summed |
| Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed | $23.1B | from the cash flow statement, four quarters summed |
| EBITDA, last 4 quarters EBIT + depreciation & amortisation | $161.3B | EBIT + depreciation & amortisation |
| Interest expense, last 4 quarters four quarters summed | $1.2B | four quarters summed |
| Debt to equity total debt / equity | 0.17× | total debt / equity |
| Net debt to EBITDA net debt / EBITDA | –net cash $47.3B | net debt / EBITDA |
| Interest coverage EBIT / interest expense | 111.85× | EBIT / interest expense |
| Effective tax rate income tax / pretax income, kept within 0 to 50% | 17.6% | income tax / pretax income, kept within 0 to 50% |
| NOPAT, last 4 quarters EBIT × (1 − effective tax rate) | $113.8B | EBIT × (1 − effective tax rate) |
| Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Mar 31, 2025) | $347.9B | total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Mar 31, 2025) |
| Return on invested capital NOPAT / average invested capital | 32.7% | NOPAT / average invested capital |
| Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate | 2.6% | interest / average total debt: the average coupon of the debt on the books, not today's market rate |
| Cost of debt, after tax cost of debt before tax × (1 − effective tax rate) | 2.2% | cost of debt before tax × (1 − effective tax rate) |
| Cost of equity risk-free rate + beta × equity risk premium | –needs market data | risk-free rate + beta × equity risk premium |
| Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value | –needs market data | cost of equity and after-tax cost of debt, weighted by market value |
| Value creation spread ROIC − WACC | –needs market data | ROIC − WACC |
Assets $595.28B Liabilities $180.02B Equity $415.27B as of Dec 31, 2025
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Assets | $595.28B | 100% |
| Cash | $30.71B | 5% |
| Short-term investments | $96.14B | 16% |
| Receivables | $62.89B | 11% |
| Inventory | $2.44B | 0% |
| Other current assets | $13.87B | 2% |
| Property & equipment | $246.60B | 41% |
| Lease right-of-use | $15.22B | 3% |
| Goodwill | $33.38B | 6% |
| Intangibles | $1.28B | 0% |
| Indefinite-lived intangibles | $0.20B | 0% |
| Deferred tax assets | $9.11B | 2% |
| Other assets | $83.45B | 14% |
| Liabilities | $180.02B | 30% |
| Payables | $12.20B | 2% |
| Accrued liabilities | $55.56B | 9% |
| Deferred revenue | $6.58B | 1% |
| Short-term debt | $2.00B | 0% |
| Other current liabilities | $24.58B | 4% |
| Long-term debt | $46.55B | 8% |
| Lease liabilities | $12.74B | 2% |
| Deferred tax | $0.92B | 0% |
| Other liabilities | $18.89B | 3% |
| Equity | $415.27B | 70% |
| Stockholders' equity | $415.27B | 70% |
Money moved $78.96B Free cash flow $24.55B Oct 1 – Dec 31, 2025 Quarter derived from year-to-date statements.
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Where the money came from | $78.96B | 100% |
| Operating cash flow | $52.40B | 66% |
| Debt raised | $26.56B | 34% |
| Where it went | −$78.96B | 100% |
| Capital expenditure | −$27.85B | 35% |
| Investments bought, net | −$21.00B | 27% |
| Other investing | −$2.93B | 4% |
| Share buybacks | −$5.50B | 7% |
| Dividends | −$2.54B | 3% |
| Other financing | −$11.50B | 15% |
| Currency effect | −$0.04B | 0% |
| Added to cash | −$7.62B | 10% |
Total debt $48.5B Cash & short-term investments $126.8B Net cash $78.3B Operating cash flow, last 4 quarters $164.7B Interest expense, last 4 quarters $0.7B
The numbers behind the diagram
| Due | Value |
|---|---|
| 2026 | $2.0B |
| 2027 | $1.0B |
| 2028 | $2.7B |
| 2029 | $1.8B |
| 2030 | $5.5B |
| after 2030 | $36.1B |
| Due | Item | Coupon | Value |
|---|---|---|---|
| 2020 | Notes | 0.8% | $9.0B |
| 2028 | USD notes floating rate | $0.5B | |
| – | 2025 USD notes | 4.89% | $22.5B |
| – | 2025 USD notes | 3.88% | $22.5B |
| – | 2025 USD fixed rate notes | $17.0B | |
| – | 2025 euro notes | 2.38% | $15.6B |
| – | 2025 euro notes | 3.44% | $13.3B |
| – | 2016 notes | 2% | $2.0B |
| – | 2025 USD floating rate notes | $0.5B |
Debt to equity 0.12× Net cash $78.3B Interest coverage 175.32× Return on invested capital 37.0% Cost of debt, after tax 2.0% Book values as of Dec 31, 2025.
The numbers behind the diagram
| Item | Value | How it is computed |
|---|---|---|
| Total debt short-term and long-term borrowings, as on the debt tab | $48.5B | short-term and long-term borrowings, as on the debt tab |
| Equity, book value stockholders' equity incl. minority interests, as on the balance sheet | $415.3B | stockholders' equity incl. minority interests, as on the balance sheet |
| Total capital total debt + equity | $463.8B | total debt + equity |
| Debt share total debt / total capital | 10% | total debt / total capital |
| Equity share equity / total capital | 90% | equity / total capital |
| Net cash total debt − cash and short-term investments | $78.3B | total debt − cash and short-term investments |
| EBIT, last 4 quarters operating income, four quarters summed | $129.0B | operating income, four quarters summed |
| Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed | $21.1B | from the cash flow statement, four quarters summed |
| EBITDA, last 4 quarters EBIT + depreciation & amortisation | $150.2B | EBIT + depreciation & amortisation |
| Interest expense, last 4 quarters four quarters summed | $0.7B | four quarters summed |
| Debt to equity total debt / equity | 0.12× | total debt / equity |
| Net debt to EBITDA net debt / EBITDA | –net cash $78.3B | net debt / EBITDA |
| Interest coverage EBIT / interest expense | 175.32× | EBIT / interest expense |
| Effective tax rate income tax / pretax income, kept within 0 to 50% | 16.8% | income tax / pretax income, kept within 0 to 50% |
| NOPAT, last 4 quarters EBIT × (1 − effective tax rate) | $107.4B | EBIT × (1 − effective tax rate) |
| Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Dec 31, 2024) | $290.3B | total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Dec 31, 2024) |
| Return on invested capital NOPAT / average invested capital | 37.0% | NOPAT / average invested capital |
| Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate | 2.4% | interest / average total debt: the average coupon of the debt on the books, not today's market rate |
| Cost of debt, after tax cost of debt before tax × (1 − effective tax rate) | 2.0% | cost of debt before tax × (1 − effective tax rate) |
| Cost of equity risk-free rate + beta × equity risk premium | –needs market data | risk-free rate + beta × equity risk premium |
| Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value | –needs market data | cost of equity and after-tax cost of debt, weighted by market value |
| Value creation spread ROIC − WACC | –needs market data | ROIC − WACC |
Assets $536.5B Liabilities $149.6B Equity $386.9B as of Sep 30, 2025
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Assets | $536.5B | 100% |
| Cash | $23.1B | 4% |
| Short-term investments | $75.4B | 14% |
| Receivables | $57.1B | 11% |
| Other current assets | $18.3B | 3% |
| Property & equipment | $223.8B | 42% |
| Lease right-of-use | $14.5B | 3% |
| Goodwill | $33.3B | 6% |
| Long-term investments | $2.3B | 0% |
| Deferred tax assets | $10.3B | 2% |
| Other assets | $78.3B | 15% |
| Liabilities | $149.6B | 28% |
| Payables | $10.5B | 2% |
| Accrued liabilities | $59.4B | 11% |
| Deferred revenue | $5.5B | 1% |
| Short-term debt | $2.0B | 0% |
| Other current liabilities | $31.1B | 6% |
| Long-term debt | $21.6B | 4% |
| Lease liabilities | $12.1B | 2% |
| Other liabilities | $7.3B | 1% |
| Equity | $386.9B | 72% |
| Stockholders' equity | $386.9B | 72% |
Money moved $55.04B Free cash flow $24.46B Jul 1 – Sep 30, 2025 Quarter derived from year-to-date statements.
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Where the money came from | $55.04B | 100% |
| Operating cash flow | $48.41B | 88% |
| Debt raised | $6.62B | 12% |
| Where it went | −$55.04B | 100% |
| Capital expenditure | −$23.95B | 44% |
| Investments bought, net | −$0.59B | 1% |
| Other investing | −$3.23B | 6% |
| Share buybacks | −$11.90B | 22% |
| Dividends | −$2.54B | 5% |
| Other financing | −$10.57B | 19% |
| Currency effect | −$0.20B | 0% |
| Added to cash | −$2.05B | 4% |
Total debt $26.6B Cash & short-term investments $98.5B Net cash $71.9B Operating cash flow, last 4 quarters $151.4B Interest expense, last 4 quarters $0.5B
The numbers behind the diagram
| Due | Value |
|---|---|
| 2025 | $1.0B |
| 2026 | $2.0B |
| 2027 | $1.0B |
| 2028 | $0.0B |
| 2029 | $0.0B |
| after 2029 | $8.0B |
| Due | Item | Coupon | Value |
|---|---|---|---|
| 2020 | Notes | 0.45% | $10.0B |
| – | 2016 notes | 2% | $2.0B |
Debt to equity 0.07× Net cash $71.89B Interest coverage 252.70× Return on invested capital 36.9% Cost of debt, after tax 2.0% Book values as of Sep 30, 2025.
The numbers behind the diagram
| Item | Value | How it is computed |
|---|---|---|
| Total debt short-term and long-term borrowings, as on the debt tab | $26.60B | short-term and long-term borrowings, as on the debt tab |
| Equity, book value stockholders' equity incl. minority interests, as on the balance sheet | $386.87B | stockholders' equity incl. minority interests, as on the balance sheet |
| Total capital total debt + equity | $413.47B | total debt + equity |
| Debt share total debt / total capital | 6% | total debt / total capital |
| Equity share equity / total capital | 94% | equity / total capital |
| Net cash total debt − cash and short-term investments | $71.89B | total debt − cash and short-term investments |
| EBIT, last 4 quarters operating income, four quarters summed | $124.08B | operating income, four quarters summed |
| Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed | $19.30B | from the cash flow statement, four quarters summed |
| EBITDA, last 4 quarters EBIT + depreciation & amortisation | $143.38B | EBIT + depreciation & amortisation |
| Interest expense, last 4 quarters four quarters summed | $0.49B | four quarters summed |
| Debt to equity total debt / equity | 0.07× | total debt / equity |
| Net debt to EBITDA net debt / EBITDA | –net cash $71.89B | net debt / EBITDA |
| Interest coverage EBIT / interest expense | 252.70× | EBIT / interest expense |
| Effective tax rate income tax / pretax income, kept within 0 to 50% | 18.2% | income tax / pretax income, kept within 0 to 50% |
| NOPAT, last 4 quarters EBIT × (1 − effective tax rate) | $101.46B | EBIT × (1 − effective tax rate) |
| Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Sep 30, 2024) | $275.08B | total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Sep 30, 2024) |
| Return on invested capital NOPAT / average invested capital | 36.9% | NOPAT / average invested capital |
| Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate | 2.4% | interest / average total debt: the average coupon of the debt on the books, not today's market rate |
| Cost of debt, after tax cost of debt before tax × (1 − effective tax rate) | 2.0% | cost of debt before tax × (1 − effective tax rate) |
| Cost of equity risk-free rate + beta × equity risk premium | –needs market data | risk-free rate + beta × equity risk premium |
| Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value | –needs market data | cost of equity and after-tax cost of debt, weighted by market value |
| Value creation spread ROIC − WACC | –needs market data | ROIC − WACC |
Assets $502.1B Liabilities $139.1B Equity $362.9B as of Jun 30, 2025
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Assets | $502.1B | 100% |
| Cash | $21.0B | 4% |
| Short-term investments | $74.1B | 15% |
| Receivables | $55.0B | 11% |
| Other current assets | $16.0B | 3% |
| Property & equipment | $203.2B | 40% |
| Lease right-of-use | $14.3B | 3% |
| Goodwill | $32.3B | 6% |
| Long-term investments | $2.3B | 0% |
| Deferred tax assets | $19.3B | 4% |
| Other assets | $64.4B | 13% |
| Liabilities | $139.1B | 28% |
| Payables | $8.3B | 2% |
| Accrued liabilities | $52.0B | 10% |
| Deferred revenue | $5.0B | 1% |
| Short-term debt | $1.0B | 0% |
| Other current liabilities | $30.0B | 6% |
| Long-term debt | $23.6B | 5% |
| Lease liabilities | $12.0B | 2% |
| Other liabilities | $7.2B | 1% |
| Equity | $362.9B | 72% |
| Stockholders' equity | $362.9B | 72% |
Money moved $57.22B Free cash flow $5.30B Apr 1 – Jun 30, 2025 Quarter derived from year-to-date statements.
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Where the money came from | $57.22B | 100% |
| Operating cash flow | $27.75B | 48% |
| Debt raised | $26.85B | 47% |
| Currency effect | $0.40B | 1% |
| Taken from cash | $2.23B | 4% |
| Where it went | −$57.22B | 100% |
| Capital expenditure | −$22.45B | 39% |
| Investments bought, net | −$0.83B | 1% |
| Other investing | −$1.27B | 2% |
| Share buybacks | −$13.24B | 23% |
| Dividends | −$2.54B | 4% |
| Other financing | −$16.90B | 30% |
Total debt $27.6B Cash & short-term investments $95.1B Net cash $67.5B Operating cash flow, last 4 quarters $133.7B Interest expense, last 4 quarters $0.4B
The numbers behind the diagram
| Due | Value |
|---|---|
| 2025 | $1.0B |
| 2026 | $2.0B |
| 2027 | $1.0B |
| 2028 | $0.0B |
| 2029 | $0.0B |
| after 2029 | $8.0B |
| Due | Item | Coupon | Value |
|---|---|---|---|
| 2020 | Notes | 0.45% | $10.0B |
| – | 2016 notes | 2% | $2.0B |
Debt to equity 0.08× Net cash $67.54B Interest coverage 301.92× Return on invested capital 39.5% Cost of debt, after tax 1.6% Book values as of Jun 30, 2025.
The numbers behind the diagram
| Item | Value | How it is computed |
|---|---|---|
| Total debt short-term and long-term borrowings, as on the debt tab | $27.61B | short-term and long-term borrowings, as on the debt tab |
| Equity, book value stockholders' equity incl. minority interests, as on the balance sheet | $362.92B | stockholders' equity incl. minority interests, as on the balance sheet |
| Total capital total debt + equity | $390.52B | total debt + equity |
| Debt share total debt / total capital | 7% | total debt / total capital |
| Equity share equity / total capital | 93% | equity / total capital |
| Net cash total debt − cash and short-term investments | $67.54B | total debt − cash and short-term investments |
| EBIT, last 4 quarters operating income, four quarters summed | $121.37B | operating income, four quarters summed |
| Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed | $17.68B | from the cash flow statement, four quarters summed |
| EBITDA, last 4 quarters EBIT + depreciation & amortisation | $139.05B | EBIT + depreciation & amortisation |
| Interest expense, last 4 quarters four quarters summed | $0.40B | four quarters summed |
| Debt to equity total debt / equity | 0.08× | total debt / equity |
| Net debt to EBITDA net debt / EBITDA | –net cash $67.54B | net debt / EBITDA |
| Interest coverage EBIT / interest expense | 301.92× | EBIT / interest expense |
| Effective tax rate income tax / pretax income, kept within 0 to 50% | 17.3% | income tax / pretax income, kept within 0 to 50% |
| NOPAT, last 4 quarters EBIT × (1 − effective tax rate) | $100.43B | EBIT × (1 − effective tax rate) |
| Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2024) | $254.32B | total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2024) |
| Return on invested capital NOPAT / average invested capital | 39.5% | NOPAT / average invested capital |
| Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate | 2.0% | interest / average total debt: the average coupon of the debt on the books, not today's market rate |
| Cost of debt, after tax cost of debt before tax × (1 − effective tax rate) | 1.6% | cost of debt before tax × (1 − effective tax rate) |
| Cost of equity risk-free rate + beta × equity risk premium | –needs market data | risk-free rate + beta × equity risk premium |
| Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value | –needs market data | cost of equity and after-tax cost of debt, weighted by market value |
| Value creation spread ROIC − WACC | –needs market data | ROIC − WACC |
Quarter by quarter
Every set of results we hold, newest first. Open one on its own page. The arrow beside a quarter shows it in the diagram above.
| Quarter | Period | Reported | Revenue | Year over year | Operating margin | Net profit | Net margin |
|---|---|---|---|---|---|---|---|
| Q2 FY26 Apr 1 – Jun 30, 2026 reported Jul 23, 2026 Operating margin 34% Net profit $112.2B | Apr 1 – Jun 30, 2026 | Jul 23, 2026 | $119.8B | +24% | 34% | $112.2B | 94% |
| Q1 FY26 Jan 1 – Mar 31, 2026 reported Apr 30, 2026 Operating margin 36% Net profit $62.6B | Jan 1 – Mar 31, 2026 | Apr 30, 2026 | $109.9B | +22% | 36% | $62.6B | 57% |
| Q4 FY25 Oct 1 – Dec 31, 2025 reported Feb 5, 2026 Operating margin 32% Net profit $34.5B | Oct 1 – Dec 31, 2025 | Feb 5, 2026 | $113.8B | +18% | 32% | $34.5B | 30% |
| Q3 FY25 Jul 1 – Sep 30, 2025 reported Oct 30, 2025 Operating margin 31% Net profit $35.0B | Jul 1 – Sep 30, 2025 | Oct 30, 2025 | $102.3B | +16% | 31% | $35.0B | 34% |
| Q2 FY25 Apr 1 – Jun 30, 2025 reported Jul 24, 2025 Operating margin 32% Net profit $28.2B | Apr 1 – Jun 30, 2025 | Jul 24, 2025 | $96.4B | +14% | 32% | $28.2B | 29% |
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